SLTDA distances itself from tourism revival pilot project

The Sri Lanka Tourism Development Authority (SLTDA), the government body tasked with overseeing the development of the country’s tourism industry, is observed to be taking the backseat in the recent efforts of opening Sri Lanka for international travellers, particularly with regards to the ongoing tourism revival pilot project.

Key changes in top 25 market cap companies in 2020

Browns Investment PLC and Expolanka Holdings PLC emerged as two of the most improved listed corporates on the Colombo Stock Exchange (CSE), in terms of market capitalisation, at end-2020.

First Capital sees double-digit earnings upside for listed entities in 2021

The listed entries on the Colombo Stock Exchange (CSE) are projected to record double-digit growth in earnings in 2021, supported predominantly by a pickup in consumer demand driven by lower interest rates, which could remain through the first half of 2021, before feeling some upward pressure, according to First Capital Research (FCR).

CSE kicks off new year on high note

The market turnover for the day topped Rs.4.9 billion. According to NDB Securities, the ASPI was pushed upwards by price gains in counters such as Ceylon Tobacco Company PLC, Browns Investments PLC and Expolanka Holdings PLC.

Sri Lanka to issue new Rs.2, 000 currency note

The Central Bank is to introduce a new Rs.2, 000 currency note this year as a part of the existing 11th note series.

CB to revise EPF’s investment guidelines

The Central Bank today announced plans to revise the investment guidelines related to the Employees’ Provident Fund (EPF) to diversify the investment portfolio of Sri Lanka’s largest superannuation fund under the current low interest rate environment.

Secret of post-pandemic economic recovery is found in English alphabet

Thanks to the timely, swift, firm, systematic, coordinated approach and action taken by the government and more thanks to the absence of parliamentarians, the first phase of the COVID-19 pandemic was successfully brought under control in Sri Lanka.

Productive workplace: Build it up with right tools

A productive human being and one that’s not. What’s the difference? A productive carpenter is a one who has mastered his tools. A productive food delivery man is a one who has full control over his motorbike. A productive factory floor, in the 21st century, is a one fully computerised with appropriate tools. The same is applicable for any workplace. Productivity boosts with right application of correct tools.

SOE losses surge as State banks’ profits swoon

Losses of State-owned enterprises (SOEs) spiked to Rs.10.4 billion in the eight months to August, 2020, from a combined loss of Rs.1.1 billion in the whole of 2019, predominantly due to the earnings swoon in key State-run banks and the insurance company.

Credit card spend slides in November as virus fears cut consumption

Credit card spend continued to slide for the fourth consecutive month in November as the virus scare continued to haunt people’s lives from going about their normal consumption patterns from shopping trips to dining outs to holidaying.

Airports to be opened end of January

Sri Lanka is contemplating to open its airports for both local and foreign travellers from end of January after a 10-month long closure, the Ministry of Aviation and Investment Zone Development announced yesterday.

Turmeric prices set to fall as first harvest expected in Feb.

Prices of turmeric are expected to come down from their current astronomical levels by at least mid-February as local growers are expected to release their first batch of harvest into the market, which could meet at least 75 percent of the national requirement.

SLT and Mobitel join forces to launch unified brand identity

Eyeing to capitalize on the unified brand equity as well as to support the government’s efforts to create a technology driven-economy, Sri Lanka Telecom (SLT), joining forces with its subsidiary and mobile arm, Mobitel, recently unveiled their unified brand identity, bringing all products and services under a single brand.

SL avoids IMF as fiscal austerity fails to resuscitate a pandemic-stricken economy

The current managers of the Sri Lankan economy have every reason to avoid going back to the International Monetary Fund (IMF) as preconditioned austerity measures and fiscal tightening that will typically accompany such a package could further suffocate an economy beset by the pandemic.

HSBC says Singapore and Vietnam set to reap benefits from successfully containing COVID-19

CNBC: Singapore and Vietnam have been successful in controlling the coronavirus in 2020 and are likely to keep the situation contained in 2021, an economist said this week.

Private credit continues to grow unabated in Nov.

Credit to the private sector continued to grow in November defying pandemic related restrictions, but it briefly lost some momentum as businesses entered the year-end holiday season.

SL gearing up to open airports by end January

Sri Lanka will open its airports for both local and foreign air travelers from by end January after over 10 months of closure, the Ministry of Aviation announced today.

Inflation accelerates in December to 4.2%

Headline inflation, as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index (CCPI) increased marginally to 4.2 percent in December 2020 from 4.1 percent in November 2020.

Vietnam, Britain sign free trade deal to take effect on December 31

Britain and Vietnam signed a free trade agreement this week, Vietnam’s trade ministry said, days before Britain completes its transition out of the European Union.The deal that will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec. 31, the ministry said in a statement.

Hambantota International Port marks 3 years in operation

Hambantota International Port (HIP) marked its third year in operation with a donation of 100 tree saplings.

Over 270 renovated SLTB buses re-join service

A fleet of 273 buses belonging to Sri Lanka Transport Board (SLTB) which were taken out of service due to dilapidation were repaired and re-added to passenger transportation on Thursday (31) at an event held at the Galle Face Green under the patronage of President Gotabaya Rajapaksa.

ComBank wins Robotic Process Automation award

The Commercial Bank of Ceylon has won the Banking and Financial Services Category Award presented by Sri Lanka Association for Software Services Companies (SLASSCOM) at its Robotic Process Automation (RPA) Awards Conference 2020.

SLASSCOM and PwC partner with Pandemic Punditry

Since the beginning of the pandemic when countries and individuals were pushed to seek virtual alternatives to doing business and life in general, the Marketing Forum of Sri Lanka Association for Software Services Companies (SLASSCOM) was proactive in engaging its members and the marketing fraternity at large to promoting knowledge sharing.

SLIC begins biz operations for 2021

The inauguration of Sri Lanka Insurance business operations for year 2021 took place yesterday at Sri Lanka Insurance head office with the participation of Chairman, corporate management and the staff of SLIC.

NSB begins New Year on a high note

National Savings Bank (NSB) ceremoniously commenced the first working day of the New Year, at the bank’s head office premises in Kollupitiya yesterday.

Education equity in Sri Lanka: A pathway out of poverty

Although Sri Lanka has provided universal free education since 1939, around one-fifth of poor children drop out of school after the age of 14 years and another two-thirds after the age of 16 years.

Colombo stocks mark turnaround in 2020

The Sri Lankan stock market ended 2020 on a positive note yesterday, marking a year in which the Colombo Stock Exchange (CSE) has seen indices indicate noteworthy resilience and attract record-breaking levels of trading activity.

CB issues Rs.20 uncirculated commemorative coin to mark 70th anniversary

To mark its 70th anniversary, the Central Bank has issued an uncirculated commemorative coin in the denomination of Rs.20, with the following key features.

People’s Bank says its int’l and foreign trade-related banking activities unaffected and growing

Dispelling the politically-motivated negative comments being perpetuated in the market that the state banks are facing difficulties in conducting their international and trade-related banking activities, People’s Bank yesterday asserted that not a single letter of credit (LC) facility issued by the bank has been refused by any international bank to date.

State-run Milco returns to profit after 4-year gap

Milco Private Limited managed to end its streak of losses in 2020, as the state-run dairy producer and marketer has reported a profit exceeding Rs.400 million for 2020, while the management is hopeful of increasing it to a billion rupees in the coming year.